Managing Slow-Paying Customers
If a customer is slow to pay:
Review their credit profile to understand their risk.
Add them to your monitoring list to receive alerts.
You will receive an email when adverse information is added to their file or if their details change.
Managing Overdue Accounts
When invoices remain unpaid past their due date:
Send reminder letters (30/60/90 days overdue).
Send a letter of demand to prompt payment.
These letters can advise customers that you may register a payment default against them. A payment default remains on their credit file for 5 years. As a CreditorWatch member, you can also use Debtor Management to download pre-populated collection letters that include:
The customer’s account details
Your company logo
The ‘CreditorWatch Member’ logo
To use this feature, you must first connect your accounting software.
Register a Payment Default
If the customer still has not paid 45 days after the due date, you can register a payment default with CreditorWatch.
This action provides a strong deterrent for future non-payment, as the payment default remains visible on the customer’s credit file for 5 years.
Need Additional Help?
If you need further assistance, contact our Support Team here.